Shiba Inu team backs Ethereum and Buterin amid market concerns

The Shiba Inu (CRYPTO:SHIB) community has voiced its support for Ethereum (CRYPTO:ETH) and its founder, Vitalik Buterin, amid a wave of fear, uncertainty, and doubt (FUD) in the market. 

Lucie, the marketing lead of Shiba Inu, emphasised the close connection between SHIB and Ethereum, referring to the network as the foundation for the SHIB ecosystem and its layer-2 platform, Shibarium. 

In a social media post on October 26, Lucie stated, "We, the Shib people, love and support Vitalik Buterin and Ethereum," highlighting the team's commitment to the ETH network during challenging times. 

This message came as Buterin faced speculation around his alleged sales of ETH. 

Buterin, however, clarified, “I haven’t sold any ETH in the past month. My amount of ETH has actually increased,” seeking to dispel the rumors. 

Both SHIB and ETH have seen their values drop amid broader market trends. 

SHIB’s price declined by over 4% in the past 42 hours, while ETH fell by roughly 3%. 

Despite these declines, the Shiba Inu team remains optimistic about its ecosystem, focusing on the ongoing development of Shibarium and its impact on SHIB burn rates. 

In addition, another Shiba Inu developer, Kaaldhairya, dismissed concerns about market fears surrounding Buterin, emphasising that the community should stay focused on its progress. 

At the time of reporting, the Shiba Inu price was $0.0000169, and the Ethereum price was $2,485.57.